Irish house prices rise quicker than rest of EU except Estonia

House prices in Ireland are rising faster than almost every other country in Europe, according to figures released by the EU this morning.

However, experts are denying there is a property bubble.

The figures show Irish house prices rose by 4.1% between June and September of last year.

Only Estonia, which is currently in the middle of an economic boom, had a higher increase.

Economist Ronan Lyons says while demand is strong for housing, it is not technically a bubble.

He said: "There's often a rush when you see prces going up in something like housing to immediately call 'bubble', but bubble means something quite particular.

"Typically in housing it means there is too much credit in the market. That's not what really is happening in the Irish housing market, really it's about the balance between supply and demand."

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